Calculate interest in Budgets

How do I get Cashbook to automatically calculate the amount of interest accrued in Budgets?

Step 1

Click on the Budgets toolbar option

Step 2

Click on the Setup > Opening Balance menu option

Step 3

Enter the opening bank balance and click on the OK button.

Note: overdrawn balances are entered as negative amounts. 

Step 4

Ensure that the appropriate interest accounts are included as budget lines, e.g. Interest Paid and Interest
Received

Step 5

Click on the Setup > Interest Calculation Setup menu option

Step 6

 Select On to display the options. 

* Start Month: When you want the interest calculations to start from, usually the first month in the budget. 
* Interest Rate 
* Post to Account: The account code interest figures will be assigned to, e.g. Interest Paid. 
* Payment Interval: Frequency interest payments are made, select from the drop down menu.

Step 7

Click on the OK button to finish the setup. The interest calculated will appear in red. 

Note: there is also an Interest Received tab where you can set details for interest received by you when the
account is in credit.